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- The BIT price is currently trading at the $0.5171 level.
- It is observing a decline of 1.28% in the last 24 hours.
The BIT price has broken out of its bear trend by taking support from the price of $0.2702. The price made an extremely bullish engulfing candle while also making a double bottom. The BIT price changed its trend in the bulls’ favour while making a higher high and higher low pattern and gained more than 95% of its value back.
BIT price making a bearish head and shoulder pattern on the (Daily Timeframe)
After reaching the $0.6000 level, the price faced a small rejection while making a breakout but gained 15% in its bullish rally. Despite the bullish momentum, buyers refused to support the price further. The price also faced rejection from the previous resistance level and made a bearish head and shoulder pattern. After breaking below its neck level, the BIT price took a downfall of 17%.
The BIT price made its recent lower low and broke out of its previous bull trend. However while taking the bearish fall, the price made a bullish hammer pattern, and found support at the $0.4650 mark. The price made a bullish engulfing candlestick pattern while giving a bullish rally of 17%.
Technical Analysis ( 1 Day Timeframe )
After making a head and shoulder pattern, which is a bearish trend reversal pattern, BIT price made a lower low and lower high. This improvement in the price action is providing a confirmation for the upcoming change in trend. The price is facing resistance at the $0.5600 mark from the neckline and saw a bearish correction of 8%. At present, the price is seeing favour from its recent support level. Although it is trading in the bear trend, chances are that the price might break its support in the near future.
The RSI line is currently below the median line while facing resistance at 14 SMA. The current RSI value is 45.52 points while the 14 SMA is 48.41 points. If the price takes rejection from the 14 SMA, it might soon start moving towards the oversold zone.
Conclusion
BIT’s price is going under the bear’s influence after consolidating in its bullish rally. After finding support at the base level around the price of $0.5100 near mid-March, the price made a double bottom pattern and made a bullish rally while gaining 19% of its value back. However, BIT is making a bearish correction after taking resistance from the price of $0.5500.
Technical levels –
Support -$0.3908
Resistance – $0.4137
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
